Several fuel companies in the country are set to implement a big-time oil price rollback on Tuesday (October 10, 2023).
Oil firms are forecasting a price reduction ranging from P2.60 to P3.00 per liter of gasoline, P1.40 to P1.70 per liter of diesel, and P2.00 to P2.20 per liter of kerosene. The price decrease is attributed to reduced demand.
Big-Time Oil Price Rollback Expected Next Week
Oil Firms Expect Big-Time Oil Price Rollback in the Coming Week
Oil industry sources have announced that consumers can expect a big-time oil price rollback in the coming week.
Various gasoline stations are expected to impose significant reductions in the prices of petroleum products such as gasoline, diesel, and kerosene on Tuesday (October 10, 2023).
Based on the trends in the Mean of Platts Singapore (MOPS) over the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero stated that gasoline prices could potentially decrease by around P2.60 to P3.00 per liter.
Meanwhile, diesel prices are expected to see a drop ranging from P1.40 to P1.70 per liter. Additionally, kerosene prices are likely to drop by P2.00 to P2.20 per liter. The price rollback aligns closely with expectations from various industry sources.
According to Romero, one of the factors to the looming fuel price rollback is the concern over high interest rates, which could potentially result in reduced demand. She explained, “Stronger dollar weakens the finances of other nations and the demand too.”
Last Tuesday (October 3, 2023), gasoline prices went down by P2.00 per liter, while kerosene prices dropped by P0.50 per liter. However, diesel prices experienced a slight increase of P0.40 per liter.
As of this writing, gasoline prices in Metro Manila range from P60.85 to P81.55 per liter. Diesel prices are between P62.50 and P74.15 per liter, while kerosene prices range from P79.75 to P92.09 per liter.
Fuel companies typically announce price adjustments every Monday and implement them on the following day.
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Lowering gasoline prices might help a variety of sectors of the economy, from transportation to manufacturing, potentially improving consumer affordability and lowering company production costs.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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